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Strength to Build the Future

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Strength to Build the Future Strength to Build the Future Investor Presentation – Credit Suisse Global Steel and Mining Conference September 22-23, 2010 David Garofalo, president and chief executive officer David Bryson, senior vice president and chief financial officer John Vincic, vice president of investor relations and corporate communications Forward Looking Information This presentation contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking information includes but is not limited to information concerning the company’s ability to develop its Lalor project and 777 North expansion, the ability to maintain a regular dividend on its common shares and the ability to obtain a listing on the New York Stock Exchange, the ability of management to execute on key strategic and operational objectives, the ability to meet production forecasts, the potential impact of changing economic conditions on HudBay’s financial results and the company’s strategies and future prospects. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", “understands” or "does not anticipate", or "believes" or variations of such words and phrases or statements that certain actions, events or results “will”, "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the views, opinions, intentions and estimates of management at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated or projected in the forward-looking information (including the actions of other parties who have agreed to do certain things and the approval of certain regulatory bodies). Many of these assumptions are based on factors and events that are not within the control of HudBay and there is no assurance they will prove to be correct. Factors that could cause actual results or events to vary materially from results or events anticipated by such forward-looking information include the ability to develop and operate the Lalor project on an economic basis, geological and technical conditions at Lalor differing from areas successfully mined by Lalor in the past, the ability to meet required solvency tests to support a dividend payment, and in accordance with anticipated timelines, risks associated with the mining industry such as economic factors (including costs of construction materials, future commodity prices, currency fluctuations and energy prices), failure of plant, equipment, processes and transportation services to operate as anticipated, including new and upgraded facilities at Lalor, dependence on key personnel, employee relations and availability of equipment and skilled personnel, environmental risks, government regulation, actual results of current exploration activities, possible variations in ore grade, dilution or recovery rates, permitting timelines, capital expenditures, reclamation activities, land titles, and social and political developments and other risks of the mining industry, as well as those risk factors discussed in the company’s Annual Information Form dated March 30, 2010, which risks may cause actual results to differ materially from any forward-looking statement. Although HudBay has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. HudBay undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws, or to comment on analyses, expectations or statements made by third parties in respect of HudBay, its financial or operating results or its securities. The reader is cautioned not to place undue reliance on forward-looking information. 2 September 2010 Forward Looking Information Lalor Project HudBay's production decision with respect to Lalor was not based on the results of a pre-feasibility study or feasibility study of mineral resources demonstrating economic or technical viability, because significant portions of the deposit are not able to be classified as a mineral reserve until they can be accessed from underground for additional drilling. Because of this, the production decision was based on mineral resources identified to date and estimates of potential grades and quantities of the gold zone and copper-gold zone, along with other available information, including cost estimates and portions of the engineering design, which have been completed to a level suitable for inclusion in a feasibility study. The preliminary assessment respecting HudBay’s Lalor project is preliminary in nature, includes inferred mineral resources and potential grades and quantities of minerals that are considered too speculative geologically to have the economic considerations applied that would enable them to be classified as mineral reserves and there is no certainty that the preliminary assessment will be realized. Among the risks associated with the decision to commence production at Lalor is the possibility that the gold zone will not be economically or technically viable, construction timetables, cost estimates and production forecasts may not be realized. Qualified Person The Lalor mineral resource and conceptual estimates were prepared by Brian Hartman, M.Sc. P.Geo., HBMS geologist under the direct supervision of Robert Carter, B.Sc. P. Eng., HBMS superintendent, mines and technical services. Mr. Carter is a qualified person within the meaning of NI 43-101, and has reviewed and approved the scientific and technical information referred to in this presentation. 3 September 2010 Investment Highlights • Operational Excellence • Cash costs of negative US$0.49 per pound of zinc sold in Q2 2010 • 1,400 employees with an average of 23 years of service • ISO14001 and OHSAS 18001 certified for environment, health and safety • 155 million tonnes from 26 mines discovered over 80 years in Northern Manitoba • Financial Strength • Nearly $1 billion in cash and no debt • Lalor and regional growth opportunities fully financed 4 September 2010 Investment Highlights • Growth Potential • Lalor go ahead expected to nearly double annual gold production • Emerging "mid-tier level" gold production and undervalued resources • Reed Lake and other prospects provide potential growth in Northern Manitoba • One of the largest exploration budgets in Company's history of $42 million in 2010 • Management Strengthened to Pursue New Opportunities • SVP Corporate Development hired • Chief Operating Officer and SVP Business Development appointed • NYSE Listing and Inaugural Dividend • Diversifying shareholder base to improve valuation • Dividend reinforces capital allocation discipline 5 September 2010 StrongStrong FinancialFinancial ResultsResults ($000s except per Three months ended Six months ended share amounts) June 30 June 30 2010 2009 2010 2009 Revenue 191,851 197,657 432,171 359,441 Net earnings 13,273 89,415 36,832 85,457 EBITDA1,2 69,707 28,598 153,151 44,091 Operating Cash Flow1,3 41,027 28,865 100,098 42,837 Earnings per share 0.09 0.58 0.24 0.56 1EBITDA and operating cash flow before changes in non-cash working capital are considered non-GAAP measures. See "Non- GAAP Performance Measures" in our Management's Discussion and Analysis for the quarter ending June 30, 2010. 2EBITDA represents earnings before interest expense, taxes, depreciation and amortization, gain/loss on derivative instruments, exploration and interest and other income. 3Before changes in non-cash working capital. 6 September 2010 Operating Highlights - Production Three months ended Six months ended 2010 Production June 30 June 30 Guidance (contained metal 2010 2009 2010 2009 in concentrate)1 Zinc tonnes 24,961 16,867 40,103 36,757 75-90,000 Copper tonnes 12,123 11,036 23,840 23,895 45-55,000 Gold troy oz. 21,002 22,610 41,012 43,968 85-100,000 Silver troy oz. 235,106 210,236 428,091 457,652 800-900,000 Cash Costs per US($0.49) US($0.05) US($0.37) US$0.14 pound of zinc sold2 1Metal reported in concentrate is prior to refining loses or deductions associated with smelter terms 2Cash cost per pound of zinc sold is considered a non-GAAP measures. See "Non-GAAP Performance Measures" in our Management's Discussion and Analysis for the quarter ending June 30, 2010. 7 September 2010 Strong Financial Position At June 30, 2010 Cash Position1 $911.8 million Working Capital $923.6 million Long Term Debt 0 Shares Outstanding 148.9 million Annualized Dividend Yield 1.8% 1Not including $60 million restricted cash in support of letters of credit; potential release upon completion of new credit facility SELF-FUNDING FOR THE LALOR PROJECT AND8 FLEXIBILITY TO PURSUE OTHER GROWTH OPPORTUNITIESSeptember 2010 North and Central America Locations Snow Lake Chisel North Mine Concentrator Lalor Project Flin Flon 777 & Trout Lake Mines Concentrator Zinc Plant Toronto Head Office Zinc Oxide Plant
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